This subdiscipline of economics studies how the economic decisions made by individuals and institutions are influenced by psychological, cognitive, emotional, cultural, and social factors. Specifically, it busies itself with looking at rational decision making - and its boundaries - in contrast to how decision making is seen in classical economics.
In classical economics, decision making is seen as black and white: people make optimal decisions that always provide them with the best results in terms of satisfaction and benefit. Behavioural economics, however, shows how this isn’t the case, and that humans also make decisions that are contrary to their interests or don’t maximise benefits. It then tries to explain why this is the case.
2017 Nobel Prize in Economics awarded to Richard Thaler
The Nobel Prize for Economics, the most prestigious prize in the field, has been awarded this year to American economist Richard Thaler. The prize, fully titled The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was announced by The Royal Swedish Academy of Sciences and will be awarded in a ceremony in Stockholm in December.
Best Countries in Europe to Do Your Economics Master’s Degree
Studying abroad: the majority who do it say they love it, that it was a great decision, and that although there were difficulties the experience was an unforgettable one. It makes sense, too, for little can replicate the excitement of moving abroad, embracing a foreign culture, and meeting people you would in other circumstances never have met. The exposure to new ideas, conversations, and ways of life is thrilling, healthy, and a great thing to do while studying.
The Top Economics Blogs
There are many excellent economics blogs out there. Whether you want to read commentaries on economic policy, find out what people are currently researching, or simply keep up to date with the latest economic happenings across the world, there are blogs for all tastes. Economics bloggers vary widely from individual students and professors sharing their thoughts on the state of the profession to blogging superstars like Greg Mankiw, Paul Krugman and Tyler Cowen, whose analyses are backed by years of experience and a deep knowledge of the field.